04/10/22

How to Choose a Location to Buy a House

If you are looking to move to a new area, there are several aspects you may want to consider before finalising the location. Though not all these elements are important to everyone, they will offer you the basic requirements of a potential future home’s environment.

Physical Location

Once you have chosen a town, city, or countryside area that you want to be close to, you need to decide if you want to be in a central location, a quiet village, or a busier neighbourhood. Once you have chosen this, it is much easier to narrow down the properties available.

Supermarkets

Access to supermarkets is essential to everyone. You may want to look into whether food shops are within walking or driving distance from the properties you like. If you are not close to supermarkets, it may be sensible to find out whether supermarkets deliver to your postcode.

Local Amenities

If you are looking for a quiet place in the countryside, immediate amenities may not be essential to you. However, for those who are looking for a more central location, you may want to consider what the area has to offer. If you have children, you may want to consider free outdoor playgrounds, indoor play areas, activities or things you can do such as the cinema, zoos, swimming pools, and local sports/children’s clubs. Shopping centres, gyms, cafes, restaurants, car parks, bars and clubs are also things you can consider when choosing a location. If these types of leisure activities are important to you, then settling in an area with lots to choose from is wise. It may also be useful to consider the location of post offices, doctor surgeries and dentist practices.

Schools

If you have children or are planning on starting a family, primary and secondary schools in the catchment area are an essential part of determining your future location. Check the schools’ reviews, local news articles, and Ofsted reports to gain a better understanding of potential schools for your children.

Crime Rates

Security and Privacy are extremely important to many homeowners. Local crime rates, and types of crime, can be good indicators of the safety of an area.

Network

Wireless connectivity is essential to homeowners in the modern world. If you are a tech enthusiast that is likely to have multiple devices connected to your internet, wants to use their mobiles in their home for texts and calls, or is someone that works from home, you will want to find out whether the area has strong and dependable wireless connectivity.

Public Transport

Research the accessibility of public transport such as trains, buses, trams, and the underground in relation to the local area. It is also important to see where public transport can go. If the destinations are limited and travelling is a factor for you, it may be worth looking for a more easily accessible location. You may also want to consider the availability of taxis and your local areas equivalent to schemes such as ‘Boris Bikes’ and electric scooters.

Local Development

Investigating any planning permission or development plans for a potential area is important. There could be plans to build lots of houses, shopping centres, or businesses in close proximity to your future house, which could change your opinion of the area.

How to Choose a Location to Buy a House
03/09/22

Rising Interest Rates and what that means for your Mortgage

What are interest rates?

The Bank of England is in control of the ‘Bank Rate,’ which is more commonly known as interest rate. An interest rate indicated the cost of borrowing or saving. As a borrower, interest rates will indicate the percentage you are being charged for borrowing money. As a saver, interest rates show the percentage that your money will earn. It is important to keep an eye on interest rates, in order to help you make smart, financial decisions.

Why are they rising?

The Bank of England uses interest rates as a tool to control inflation. In the current financial situation, interest rates have increased, in an attempt to decrease the rate of inflation. A low, and stable interest rate is essential to a healthy economy. Therefore if interest rates are not moderated, there could be negative economic implications in the future.

How do rising interest rates affect mortgages?

There are two main types of interest rates in the UK. These are Fixed-rate mortgages and variable mortgages. Fixed-rate mortgages have a set interest rate throughout the agreed duration – no matter the changes in the economy, you will always pay the same monthly amount. With a variable mortgage, the interest rate changes, meaning that monthly payments can go up and down. Therefore, the only people that will be affected by the rising interest rates, are those with variable mortgages. There are three variable-rate mortgages; tracker mortgages, discount mortgages and standard variable-rate mortgages. The only mortgage that will be affected by the changing interest rates is the tracker mortgage. Tracker Mortgages follow a base rate. This base rate is usually the Bank of England’s interest rate. If the rate is low, or likely to be low, Tracker Mortgages can be very appealing. However, whilst interest rates are high – the amount that you’ll need to pay back each month will increase. Therefore, as the current rate of inflation increases, so will your mortgage payments. If you are concerned about your mortgage payments, contact your mortgage broker, or solicitor, for more financial advice. See 8 Ways to Make Your Home More Desirable – Energy Efficiency on other ways to save money during a financial crisis.

Rising Interest Rates and what that means for your Mortgage
03/05/22

What key features are homeowners looking for in their next property?

If you are looking to sell it is important to know what homeowners consider when looking for a new house. For buyers, below are popular features that you can consider when searching for the right property.

Outdoor Space

Outdoor spaces are viewed as an extension of our living space. Green space is sought after for its relaxing, stress-relieving, properties. Gardens are great for young families, people with pets, and young couples that want to socialise.

Room to Expand

Many buyers often look for the potential to expand their property. This is a more cost-effective way for many people to end up with the property size that they want, and numerous potential homeowners also enjoy the ‘project’ side of houses that can be extended.

Energy Efficiency

With growing concerns about sustainability and the planet, many homeowners are looking for a house with maximum energy efficiency. Elements like solar panels, mini wind turbines, access to renewable energy sources, water butts, good insulation and double-glazed windows, will tick potential buyers’ boxes in terms of efficiency. Additionally, during the cost-of-living crisis, factors, such as energy efficiency that can help in money-saving will also be viewed as valuable.

Work from Home Potential

The Covid Pandemic has altered work life permanently. With more and more people working from home, home offices, or an area to work from home, is high up on people’s lists of requirements.

Quality of Kitchen and Bathrooms

Homeowners often want to move into a property with complete, and practical kitchens and bathrooms. The quality of these rooms can therefore be a deciding factor in whether or not an offer is put on a property.

Safety and Privacy

Homeowners are looking for a property that is safe and private. Gates in the back garden, fences that create privacy, and security measures such as alarms and cameras are highly desirable.

Open-Plan

Open-plan living spaces are a fashionable layout that homeowners are currently searching for. It can make a property feel light, sociable, great for hosting parties, and convenient for keeping an eye on any children or pets. Open-plan living spaces can also make the area feel bigger and more luxurious.

Wireless Connectivity

The speed of WiFi and the strength of connectivity are essential in the modern world. With multiple devices connected to the same network – a strong connection is necessary. Additionally, with work-from-home numbers rising, good network accessibility is key for many homeowners.

Low Maintenance

Homeowners are looking for houses that require minimum amounts of maintenance. Easy care gardens, durable kitchen and bathroom surfaces, durable flooring, practical storage, and energy-efficient appliances are all factors that appeal to potential buyers.

Garage or Designated Parking Spaces

Homeowners want their cars to have a safe place to be stored whilst not in use. A garage or driveway are two key elements that will be on viewers’ checklists.

If you are looking to sell, you can enhance many of these features to gain value before putting your property on the market. See What can you do to increase your property valuation? for how to do this.

What key features are homeowners looking for in their next property?
03/01/22

What can you do to increase your property valuation?

Several factors are considered when a property valuation is ordered by a surveyor or agent. Many of said factors are out of the homeowner’s control. Therefore, as someone who is looking to sell their house, you may be wondering what you can do to increase the value of your property.

  1. 1. Full Property Cleans. Getting your property cleaned by professionals, or effectively by yourself, can add value to your property. This includes ensuring any carpets are spotless, areas such as bathrooms and kitchens show no signs of mould or limescale, and there are no marks on walls. Making sure the garden is tidy by weeding, mowing the lawn, and removing any garden waste, is another thing to consider before your property valuation.
  2. 2. Minimal refurbishments. Giving your house a fresh coat of paint in a neutral colour can make the property look light, clean, and like new. Updating old carpets or flooring, where they can’t be cleaned, can also aid in increasing property value.
  3. 3. Focus on the kitchen and bathroom. Kitchens and bathrooms are two of the most used rooms in the house, therefore buyers want to see practical rooms that are ready to start using when viewing a house. For this reason, special attention should be paid to these. Updating cabinets and instalments such as heated towel rails are a good idea, although can be expensive. Starting with cleaning, painting, introducing new towels, and switching to energy-efficient appliances can be a much cheaper way to give these rooms a new lease of life.
  4. 4. Trade old appliances for energy-efficient ones. Energy-efficient houses are growing in desirability. Making simple switches, by for example fitting LED lights in fixtures, can add value to your home before a valuation.
  5. 5. Don’t leave any room unfinished. If you have not finished decorating a room, or a refurbishment is not quite done – complete these changes before you book a valuation. An incomplete house does not have as much value as a finished one!
  6. 6. Tidy outside areas. Ensure any garden areas show signs of good maintenance.
  7. 7. Arrange rooms to utilise space and storage. Utilise any storage spaces you have, and show off how effective they are. The bigger and more practical the space seems, the better. One way you can achieve this is by putting shelving in cupboards to maximise space.
  8. 8. Safety and Security. Homeowners are looking for safe and private houses, therefore installing an alarm system can help to add value to your property. All of these are subject to the surveyor or agent, however, are relatively low-cost, yet effective tactics to consider.
What can you do to increase your property valuation?
04/08/21

Key Trend – Home Offices in the Garden

Since the Covid-19 Pandemic, work life has changed dramatically. Many people are taking on hybrid or work-from-home roles. With this in mind, the property industry has seen a new trend; Garden Home offices.

What are Garden Home Offices?

Home offices are either sheds or outhouses that are located in your garden and are used for working-at-home purposes. They give you a convenient and private place to work in the comfort of your own property, whilst aiding a good work-life balance.

Why are Home Offices a good idea?

  1. 1. Home offices in the garden add a lot of value to the property. It is a form of extension on the land and can be utilised for much more than just an office space. If you decide you want to sell your property, the Home office will be viewed as a unique, effective, and creative space-creating solution.
  2. 2. Having a Home office in your garden is incredibly convenient. Your commute to and from work will take less than a few minutes.
  3. 3. An office in your garden can help to separate your work and home life. If your only option is to work from home, having a dedicated space that is detached from your main house, creates separation and can lead to a happier and healthier life.
  4. 4. Working from your home garden office will provide you with beautiful scenery. You can be surrounded by plants and nature, giving you a calm environment – which will aid focus and productivity.
  5. 5. Privacy. An office in your garden can help you to attain privacy that you may not get from an office in your house. In a garden office, you can talk to your colleagues, or clients, without being interrupted by postmen, cold-callers, or even other family members. Additionally, you could set up in-person meetings at your garden office has a professional element. You can avoid the informalities of being inside your personal space or getting interrupted by anyone.

What do I need for an effective Home Office?

  1. 1. Furniture. It is important to furnish your Home office with appropriate utilities such as a desk, chair, and storage spaces.
  2. 2. Insulation. The outhouse, or shed, should be fully insulated to ensure the office can be used throughout the colder winter months, as well as the summer.
  3. 3. Sound Proofing. Depending on the neighbourhood you live in, soundproofing your office can be beneficial to ensure maximum productivity.
  4. 4. Security. A functioning, locking the door is essential to your Home office. If you are using valuable equipment, or handle sensitive information, you need to protect your office. It may also be worth installing an alarm system to have added security.
  5. 5. Electricity: Fully installing electricity in your Home office is essential. Plugs for charging and using devices, the internet, lights, heating and even a small fridge can help to enhance the effectiveness of your Home office.
Key Trend – Home Offices in the Garden
04/07/21

Moving home? Here is Our Step-By-Step Guide to Buying Your Next House

Moving home can be a daunting task, especially for first-time buyers, and knowing where to start is often the first challenge. To make the process much easier, we have put together a 15-step guide to buying your new home.

  1. 1. Decide on a Budget. Plan how much you’re willing to spend on a property, including the deposit and weekly mortgage payments. Take into consideration that bills may fluctuate and so could mortgage payments, depending on the type.
  2. 2. Get your Finances in Order. Decide on whether you want a fixed or variable mortgage type. Talk with a mortgage broker, research first-time buyer mortgages, if that applies to you, and research mortgages for new build properties if that is what you are looking at. You can then choose a mortgage company.
  3. 3. Decide on a Location. Consider locations, and then specifically the neighbourhood that you want to settle into. How to Choose a Location to Buy a House can help point you in the right direction.
  4. 4. Make a Checklist. Think about everything you want the property to have, and make a note of this.
  5. 5. Choose Properties. Find a selection of properties that check off the majority of points on your checklist, follow your budget, and are in your chosen location.
  6. 6. Go to house viewings. And lots of them! Make sure there are no hidden surprises in the houses. You can avoid this by curating a list of questions you have about the property. It is also a good idea to research good things to ask during viewings; make the most of these opportunities.
  7. 7. Make an Offer. Once you have decided on the property you want to have as your new home, make an offer and wait for it to be accepted! If your offer is not accepted, you can put in another one, or look for a different property.
  8. 8. Arrange your Mortgage. Once your offer has been accepted you need to arrange a mortgage. After following previous steps of organising your finances, this step should be relatively straightforward. Organising your finances at an earlier stage is important, otherwise, the seller may lose patience, and you could lose the property. You must get back in touch with your mortgage company and provide them with the accepted offer on the property in order to move forward.
  9. 9. Hire a solicitor. There is a lot of legal work and requirements that must be handled in order to transfer ownership of the property between buyer and seller. Make sure you maintain contact with the solicitor during the process and chase up any information that you require.
  10. 10. Get a Survey. The mortgage lender will do a survey to evaluate the property. It is a good idea to get an independent survey of the property yourself to flag up any issues with the property that need to be fixed before you can move in.
  11. 11. Arrange a Deposit. A minimum of 10% of the accepted offer needs to go to the solicitor. You cannot move on with the process until this is complete.
  12. 12. Exchange Contracts. You are now legally committing to the property. If you pull out of the contract, you might forfeit your deposit. A completion date should then be decided. Contracts should only be exchanged when you receive the surveyor’s report, a formal mortgage is received, and the deposit has been paid. At this stage, you should take out billing insurance for the property as you are now responsible for it.
  13. 13. Final Arrangements. At this point, you should negotiate anything that is left to settle. Make a checklist of everything you need to do such as hiring a removal company and making arrangements for gas, electric, heating, electricity etc. The solicitor should liaise with the mortgage company to get everything finalised for you. Again, chase up information if you require it.
  14. 14. Congratulations, you have a new home!
  15. 15. Next steps. Make sure you pay council tax, stamp duty (link blog for stamp duty tax) and any other post-purchase fees that are legally required.
Moving home? Here is Our Step-By-Step Guide to Buying Your Next House